Vincom Retail JSC (VRE) Fair Value & Analysis
Real Estate · VN · Market cap 56.5T VND · ISIN VN000000VRE6
What is Vincom Retail JSC really worth?
Below-average quality, trading 28% below our fair value of 36,826 VND.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 9 valuation models · updated 13 days ago
Share price +0.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (27,403 VND). The market is more pessimistic than our downside scenario.
- Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range 15,549 VND – 41,914 VND · fair‑value band 27,403 VND – 46,249 VND · the 26,500 VND price screens below the 36,826 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.
Analysis
Vincom Retail JSC (VRE) currently trades at 26,500 VND, while our model-based Fair Value estimate is 36,826 VND, implying the stock looks roughly 28.0% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of 36,835 VND per share, and 3 of the 9 models we run sit above the 26,500 VND price. Bear case: the Dividend Discount group reads lowest at 13,392 VND, and 6 of the 9 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Vincom Retail JSC generated revenue of 9.0T VND at a net margin of 76.4%. Revenue grew 7.6% year over year. It earns a return on equity of 14.8%. Net debt stands at 2.0T VND. Fundamentals as of Aug 23, 2026
Our scenario range runs from 27,403 VND (bear case) to 46,249 VND (bull case); at 26,500 VND, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 41% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at 39%, VRE screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 1,376 VND per share, which is 3.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 9 models by family
Widest divergence: Multiples (36,835 VND) versus Dividend Discount (13,392 VND). Highest evidence: Residual Income (70).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 45 · Market factors (momentum, volatility) 31
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Vincom Retail Joint Stock Company, together with its subsidiaries, engages in the investment, construction, development, and leasing of shopping centers in Vietnam. It is also involved in real estate development and transfer activities; sale of real estate; and leases investment properties, as well as offers real estate and management consulting activities.
Full company description
Vincom Retail Joint Stock Company, together with its subsidiaries, engages in the investment, construction, development, and leasing of shopping centers in Vietnam. It is also involved in real estate development and transfer activities; sale of real estate; and leases investment properties, as well as offers real estate and management consulting activities. Vincom Retail Joint Stock Company was founded in 2012 and is headquartered in Hanoi, Vietnam.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Vincom Retail JSC reported revenue of 8.8T VND in FY2025 versus 5.9T VND in FY2021, a compound +10.7%/yr. Reported net income was 6.4T VND in FY2025, compounding +48.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
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Peer Group
Real Estate - Diversified · 131 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate - Diversified median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Corem Property Group CORED | kr 229.00 | kr 121.82 | −47% |
| Swiss Prime Site AG SPSN | CHF 124.60 | CHF 44.83 | −64% |
| Central Pattana Public Company CPN | 66.00 THB | 71.37 THB | +8% |
| Prestige Estates Projects Limited PRESTIGE | ₹1,586 | ₹645.21 | −59% |
| The Phoenix Mills Limited PHOENIXLTD | ₹1,905 | ₹701.74 | −63% |
| Umm Al Qura for Development and Construction Company 4325 | 17.19 SAR | 11.60 SAR | −33% |
| Fastighets AB BALDB | kr 54.08 | kr 70.70 | +31% |
| Hainan Airport Infrastructure Co 600515 | ¥2.79 | ¥0.3300 | −88% |
| Parque Arauco S.A PARAUCO | 3,954 CLP | 2,740 CLP | −31% |
| Singapore Land Group U06 | 3.41 SGD | 3.23 SGD | −5% |
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